Gold Market Cap 17th May 2021

This page will give followers daily access to free daily XAUUSD and Forex price analysis, with a focus on the gold market cap.

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XAUUSD 1HR TF:

Gold is currently Ranging on the daily time frame. Price close for 14th May 2021 is well above the pivot point (pivot point is 1836.01, while closing price is 1842.49).

Resistance 3

1878.49

Resistance 2

1862.17

Resistance 1

1852.33

Pivot Point

1836.01

Support 1

1826.17

Support 2

1809.85

Support 3

1800.01  

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1 hr Time Frame:

Price is currently moving in a Ranging structure on the one hour time frame. We have 1845 as the Range top, and Range bottom is 1808.70. XAUUSD price is now at the Range Top zone. Buyers are now optimistic as a result of this development.

Bulls are currently waiting for fresh impetus in order to push price to 1875 area (Resistance 3).

However, the Pivot Point (1836 zone) is the muster point for the Bulls. Lots of Buyers are waiting patiently at the 1836 level to defend it. Higher Low at the 1808 level where we have price bouncing off the 200 SMA has been established. The question that comes to mind now is, is XAUUSD price on it’s way to form Higher High price? Remember that, Bullish trend or structure usually forms Higher Low, Higher High points. Obviously, only time can tell.

However, the probability that Sellers can close price below the 1808 zone (Higher Low area) is getting smaller.

Is it a lost cause for the Bears? We may find out next week.

Bullish structure is intact as Bears were unable to push price lower to 1797 zone in a bid to achieve a full break of the structure.

Basically, Range structure is now threatened as price may breakout high next week. The Range Top (1845 area) will definitely serve as support level when price eventually breaks Higher. A break of the Pivot level (1836 area) will take price to 1826 zone (Support 1). However, a break above Range Top (1845 zone) will take price to Resistance 1 (1852 area). More Sellers are now lining at the Resistance 1 area (1852 zone). This is now the first hurdle before the Bulls.

A break of 1826 level (Support 1) will push price down towards 1809 zone (Support 2).

If 1809 level gives way, the next Support level is 1800 (Support 2).

Technically, price is Ranging on the 1hr time frame, and it is at the Range Top (1845 zone).

That said, Bulls have already doubled the reinforcement below Support 1 at 1826 zone, ready to defend it, if 1836 breaks. We believe that the 1836 zone will serve as a major support near term. Bears will now try, by all means to push price below Support 1 (1826 zone). The 200 Simple Moving Average SMA is currently below price at the 1816 area.

It (200 SMA) is also turning up at a much faster rate towards price.

Levels to watch on 1hr time frame:

Resistance: 1852, 1862 and 1878.

Support: 1836, 1826, 1817 and 1809.

4 hr Time Frame:

In this section, we will be analyzing the Golden Cross on the 4 hour time frame. Currently on the 4 hour time frame, the Golden Cross is running the show as the 50 SMA crossed above the 200 SMA at 1729 area. Bulls took advantage of this opportunity back then (15th April 2021), and it is currently a leverage for the Bulls. Price is now far above the 50 SMA after bouncing off at the Area of Value, 1811 zone.

The effect of the current Bullish Golden Cross is still strong. Price may see more upside movement as a result of this.

Price is now at the Range Top at this point.

The 50 SMA is currently at 1818 area.

Sellers may have some level of hope if by chance, price drops and close below the 50 SMA.

Daily Time Frame:

Market is currently closed for the week. Traders are waiting to Sell come Sunday night when market opens. This is anticipated because price closed at the Daily Resistance area. It also depends on how market opens.

It may open with big gap down. Here, further selling of XAUUSD may not be advised if market opens with a Big gap down.

Market price may open either above or below the previous day pivot. Bulls may want to seize advantage and possibly push price upwards by the end of the day if it opens below. On the other hand, Bears may want to take advantage and possibly push price downwards by the end of the day if it opens above. Technically, we currently have a Bullish market structure which is visible on the Daily chart.

Daily price is currently printing Higher High, Higher Low levels.

Price is also moving in an ascending channel.

Current High/Resistance (1845 level) may now turn to our Support in the next few weeks if price breaks Higher.

   

Fundamentals:

Medium Impact news for Monday is U.S Fed’s Clarida speech  coming up in the Newyork session at 14:05 GMT.

Another Medium Impact news for Monday is BoE’s Tenreyro speech coming up in the Newyork session at 14:15 GMT.

 

Check Out XAUUSD Previous Forecast:

The FX Market 14th May 2021

The FX Market 13th May 2021

 

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